State College-area businessmen Chris Rosengrant, Dan Rallis and John Heim have formed a partnership to start a new local restaurant in the former Prospector's Allegheny Rib Company building, Rosengrant confirmed Monday.

Prospector's, a barbecue-themed restaurant at 2080 Cato Ave. in Ferguson Township, closed for good Sunday night.

Rosengrant wasn't ready to identify Monday the type of food that the new restaurant plans to serve.

But he did say that "it's going to be very special and very unique to State College.

"There are a lot of good people working on this project," Rosengrant said.

He said Monday marked the first day that "we're taking a look at how much work needs to be done" inside the facility.

The business partners plan to undertake a full renovation of the building and hope to open the new eatery no later than October, Rosengrant said.

As Prospector's did, the new restaurant will lease the space -- and a liquor license -- from Brewmeister's Bed and Breakfast Inc., which owns the Cato Avenue property, involved parties said. The property is overseen by the State College-based Hospitality Asset Management Co. Inc.

"We've very pleased with the prospective new joint-venture partners, who have plans to bring excellent restaurant service into the property," Hospitality Asset Management President Mark Morath said.

Rosengrant, also the operator of the Lion's Den in downtown State College, emphasized that he wishes former Prospector's proprietors Marc Fetters and Lincoln Stuyvesant all the best.

The phone number registered to Prospector's was not answered Monday. More details about the new restaurant are expected to emerge in the coming weeks.